Apollo reportedly offers Intel a multibillion-dollar investment

By Mike Murphy

Apollo Global Management Inc. has offered to make an investment in Intel Corp. of as much as $5 billion, Bloomberg News reported Sunday.

The report comes days after the Wall Street Journal reported Qualcomm Inc. (QCOM) has recently approached rival Intel about a potential takeover.

Read more: Intel’s stock seals strong week. But would a Qualcomm merger make sense?

According to the Bloomberg report, Apollo’s (APO) possible equity-like investment – which is not yet a done deal – would be a vote of confidence in Intel’s turnaround plans, the slow pace of which has frustrated investors.

Neither Apollo nor Intel immediately responded when asked for comment Sunday.

Intel stock (INTC) has slumped about 57% year to date, as the iconic Silicon Valley company has fallen farther behind its chip-making peers. Last week, Intel said it would spin off its foundry business, following cost-cutting moves in August that included a suspension of its dividend, widespread layoffs and a reduction in capital expenditures.

-Mike Murphy

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09-22-24 1835ET